Meanwhile on Tuesday, a European Commission advisory group led by Bank of Finland Governor Erkki Liikanen, called for Europe's banks to separate retail banking from more risky investment banking activities.

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Miners across the continent were under pressure after the Australian government unexpectedly cut interest rates by 0.25 points to a three-year low of 3.25 percent on Tuesday. That raised concerns that Australia and mining sector growth were being affected by a slowdown in China. U.K. gold mining company Randgold Resources pared gains but closed in the black.